June was a very successful month for New York legal sports betting.
The operators in the Empire State recorded gross gaming revenue of $103.83 million in June. The figure represents a 31.7% monthly drop from May’s $151.9 million but, at the same time, a 42% year-over-year increase.
According to the data released by the New York State Gaming Commission (NYSGC), the operators generated almost $1.17 billion in a betting handle. The figure shows a 14% month-over-month drop and an 11% year-over-year increase from June 2022’s $1.05 billion.
Nine operators stated tax revenue of $52.9 million, which was the lowest amount since August last year. The state has made over $415 million throughout 2023. After paying out the state’s 51% tax rate, NY sportsbooks made nearly $51 million in revenue.
DraftKings beats FanDuel in New York
DraftKings was the most prosperous among all New York sports betting operators in the handle at $488.5 million, taking 36% of the market share. The operator generated $37.1 million in revenue, with a 37.8% monthly decrease. It was the first time since January 2022 that any operator (besides FanDuel) reported the highest monthly handle in New York.
FanDuel was second at a $418.2 million betting handle, outperforming its competitor in revenue, generating $47.2 million in gross gaming revenue.
Caesars came in third in a $124.8 million handle, making $8.6 million in revenue.
BetMGM was next. The jointly owned venture by MGM Resorts and Entain reported a $75.4 million betting handle and $7.05 million in revenue.
As the NYSGC report for June shows, it’s typically a slow month with few sports events and games to bet on. With the lack of NFL action during summer, players usually bet on sports like professional baseball, tennis and golf betting.
2023 New York sports betting numbers look better than last year’s
June is the 10th consecutive month with a New York sports betting handle surpassing the $1 billion mark. It is also the 11th consecutive month with revenue surpassing the $100 million mark.
In less than 18 months, online sportsbook apps have taken over $25 billion in legal bets. To be more precise, from January last year till June 25, more than $25.2 billion has been gambled through online sportsbooks, the NYSGC revealed last week.
New York has reached that milestone faster than any other US legal betting state. New Jersey ($38.2 billion) and Nevada ($33 billion) were the only other states to have surpassed $25 billion in lifetime handle.